Azerbaijani largest bank’s shareholders re-elect acting chairman of board for another term
Azerbaijan, Baku, June 15 / Trend /
According to the shareholders' decision, acting chairman of board of the International Bank of Azerbaijan (IBA) Jahangir Hajiyev was re-elected for this post for the next four years.
According to the bank, a decision was made at the general meeting of shareholders of the "International Bank of Azerbaijan" on June 14 to transfer 14.1 million manat of profit to pay dividends, amounting 5.2 percent per annum.
As of 2012, the bank earned profit worth 52.9 million manat. IBA total profit hit 58.5 million manat as of 2012.
The shareholders decided to transfer some profit to the amount of 28.3 million manat to increase the share capital. As a result, the nominal value of each share will increase from 0.24 manat to 0.26 manat. Around 16 million manat remained as the bank's net profit for 2012.
According to the report, IBA assets increased by 25 times, the loan portfolio - by 30 times, customer deposits - by 58 times, the authorized capital - by 148 times over the past 12 years.
"IBA loss amounted to 4.2 million manat as of 2000," he said. "As of 2012, profit reached 58.5 million manat, taking into account that the reserves increased by 24 times and reached 727 million manat. The number of clients increased by 37 times and reached 967,759 people.
The International Bank of Azerbaijan was founded in January 1992. It is the largest bank in the country. The main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, 49.8 percent of the shares are owned by private physical and legal entities.
The official exchange rate is 0,7846 AZN/USD on June 15.